Results as of June 30, 2008

31 July 2008

第二季度经营结果强劲上升:新兴市场上涨44%。

Orascom收购,我我们的强势地位n emerging markets maintain the Group's growth dynamic despite a volume slowdown in some developed markets.

Lafarge董事会,担任主席Bruno Lafont, met on July 31, 2008 to approve the accounts for the period ended June 30, 2008. The Board congratulated the Group for the very fast recovery of its activities inSichuanprovince, China, following the May 12 earthquake and for the strong support Lafarge has provided to employees and local communities. 300 houses were inaugurated recently to help affected employees resume normal life as quickly as possible.


First-half key figures

  • Sales up8%达到9,069百万欧元,up 14%at constant exchange rate
  • Current operating incomeup 18%to €1,611 million,up 24%at constant exchange rate
  • Strong improvement in operating margin, to17.8%from 16.2% in 2007
  • Net income Group shareup 15%to €773 M excluding one-off items*
  • Net earnings per shareup 4%to €4.03 excluding one-off items*


第二季度key figures

  • Salesup 8%到5,069百万欧元,up 15%at constant exchange rate
  • Current operating incomeup 8%to €1,099 million,up 14%at constant exchange rate
  • Net income Group shareup 9%to €623 M excluding one-off items*
  • Net earnings per sharedown 2%to €3.24 excluding one-off items*

*Excluding the impact in 2007 of the disposal of the Roofing business and our Cement and Aggregates & Concrete operations in Central Anatolia, Turkey, and in 2008 the disposal of the Lafarge Titan joint venture in Egypt and the Gypsum provision adjustment.


Bruno Lafont, Chairman and Chief Executive Officer of Lafarge, declared:

"The Group's very good operational performance was achieved thanks to our strong positions in emerging markets and the well managed integration of Orascom.
The Group continued to accelerate its cost reductions across all operations and we are already responding to the stronger than expected volumes slowdown in some developed markets.
The acquisition of Orascom's highly performing assets, the 15 million tonnes of new cement capacity which come on stream in 2008 in fast growing markets, our next cost reduction plan and continuing progress in our sales of innovative products will allow us to meet our 2010 targets."


Outlook for 2008

  • 我们维持全年积极的市场前景,新兴市场持续增长,比某些发达市场(美国,西班牙,英国)的预期放缓持续增长。
  • The fundamentals of our sector remain sound. There are considerable construction and infrastructure needs in emerging markets. We anticipate further growth in the world demand for cement. Lafarge is well armed to make the difference in 2008.
  • 我们预见了我们的聚集体和具体业务的另一年增长。
  • In light of further inflation in energy and transport, we continue to take all necessary steps to preserve our margins.
  • Additionally, the cost reduction program will continue to generate substantial savings in 2008. The initial target of €340 million will be exceeded to reach more than €400 million by the end of 2008.
  • 我们预计2008年的收入增加。
  • We confirm our 2010 targets of earnings per share of more than €15, ROCE after tax of more than 12% and free cash flow of more than €3.5 billion.


小组亮点

  • Strong contribution from emerging markets, with current operating income up 53% in the first half and 44% in the second quarter (+63% and +54% respectively, at constant exchange rate). Emerging markets accounted for 67% of earnings in our Cement business in the first half, 62% in the second quarter.
  • Continuing resilience of our operations in developed markets thanks to cost-cutting, strong pricing, improvements in industrial performance and the benefits of our innovation strategy.
  • Growth in current operating income affected by significant currency effect. At constant exchange rate, current operating income increased by 24% in the first half and 14% in the second quarter.
  • 在更高的投入成本的背景下的实体定价。
  • Strong increase in operating margin - up 160 basis points in the first half to 17.8% - despite significant increase in energy and transport costs, underscoring the benefits of our cost reduction program.
  • 奥斯康姆收购的好处,1月底最终确定,这导致盈利增长。整合过程于6月底完成。
  • Continuation of our program to build new cement production capacity to meet strong demand for construction and infrastructure in emerging markets. 15 MT of new cement capacity to start in 2008.
  • 随着L&T收购,于5月14日宣布,Lafarge将成为印度混凝土的领导者。作为其撤资计划的一部分,Lafarge于5月6日宣布,在埃及的Lafarge Titan合资企业中出售其50%的股份。


Consolidated accounts

Consolidated accounts
(€m) First half 第二季度
2007 2008 变化 2007 2008 变化
Sales 8,385 9,069 + 8% 4,690 5,069 + 8%
Current operating income 1,360 1,611 + 18% 1,015 1,099 + 8%
Operating margin (%) 16.2% 17.8% + 160 bp 21.6% 21.7% + 10 BP.
Net income Group share 934 911 572. 761
Net income Group share - Excluding one-off items* 673. 773 +15% 572. 623 +9%
每股收益(€)** 5.38欧元 €4.75 €3.31 €3.96
每股收益(€)**- Excluding one-off items */** €3.88 €4.03 + 4% €3.30 €3.24 - 2%
Free cash flow 76 129 + 70% 263 307. +17%
Group net debt 9,445 17,323 + 83% - - -

*Excluding the impact in 2007 of the disposal of the Roofing business and our Cement and Aggregates & Concrete operations in Central Anatolia, Turkey, and in 2008 the disposal of the Lafarge Titan joint venture in Egypt and the Gypsum provision adjustment.
** 2008年6月底,基本平均股份占19180万份,而2007年6月底为1737亿截几何。


Current operating income

Current operating income
(€m) First half 第二季度
2007 2008 变化 2007 2008 变化
Cement 1,070 1,380 + 29% 772 911 +18%
Aggregates & Concrete 244 237 - 3% 226. 211. - 7%
石膏 82 31 - 62% 36 11 - 69%
Other (36) (37) (19) (34)
全部的 1,360 1,611 + 18% 1,015 1,099 + 8%


Highlight by business


Cement: Strong earnings growth

  • Sales +15% in the first half and +14% in the second quarter (+10% at constant scope and exchange rates in the first half and second quarter).
  • Current operating income rose strongly, +29% in the first half and +18% in the second quarter (+14% and +7% respectively, at constant scope and exchange rates).
  • 运营利润率显着提高至2007年上半年21.5%的24.1%。
  • 新兴市场的稳固增长,占上半年成果的67%,在中欧和东欧和亚洲看到的特殊力量。总体而言,新兴市场的卷增加了7%。
  • Strong contribution of Orascom Cement, consolidated since the end of January 2008, supported by strong market growth.
  • Good resilience of our operations in developed countries, despite the slowdown in the United States, Spain and the UK.
  • 在更高的能量和运输成本时强劲定价。
  • Positive impact of the cost-cutting program in all regions.


聚集体和混凝土:严格的成本控制,固体定价

  • Sales -2% in the first half and -1% in the second quarter (flat at constant scope and exchange rates in the first half and the 2nd quarter).
  • Current operating income: -3% in the first half and -7% in the second quarter (-1% and -4%, respectively, at constant scope and exchange rates).
  • Solid pricing and cost reductions offset most of the decline in volumes due to the slowdown in the United States, Spain and the UK and of input cost increases.
  • 通过我们的创新战略,增值混凝土产品占2008年上半年的增值混凝土产品,与去年同期的20%。


石膏:在美国强硬的市场状况下犯了商业。

  • Sales -3% in the first half and -2% in the second quarter (+2% and +4%, respectively, at constant scope and exchange rates).
  • Current operating income -62% in the first half and -69% in the second quarter (-60% and -66%, respectively, at constant scope and exchange rates).
  • Market conditions were still very difficult in the United States due to the downturn in the housing market.


Investment and divestments

  • 维持资本支出是略有下降t €353 million in the first half of 2008 (€389 million in 2007).
  • 2008年上半年,发展资本支出增加产能总额为6.63亿欧元,而2007年为3.36亿欧元,反映了水泥中的内部发展方案,以满足新兴市场的需求。这些投资特别是在中国,美国,印度,南非,波兰,厄瓜多尔,摩洛哥,俄罗斯,赞比亚,印度尼西亚和智利的建设中建造了新的水泥能力,以及在存在的那些国家。
  • Acquisitions totaled €8.7 billion and consisted mainly of the acquisition of Orascom Cement, effective as of January 23, 2008. The total acquisition price amounted to 8,3 billion euros and was financed through the issuance of 22.5 million shares for 2.5 billion euros and a syndicated credit facility.
  • Disposals amounted to €321 million, primarily relating to the sale of the 50% stake in the Lafarge Titan joint venture in Egypt.


Notes to editors
Lafarge是建筑材料的世界领导者,在所有业务中具有排名职位:水泥,骨料和混凝土和石膏。76个国家的员工90,000名员工,Lafarge销售销售额为176亿欧元,净收入为2007年的119亿欧元。
LAFARGE是唯一一个在2008年“全球全球最可持续的公司的建筑材料行业的公司”。Lafarge致力于可持续发展多年,追求策略将工业专业知识与绩效,价值创造,尊重员工和当地文化,环境保护和自然资源和能源的保护相结合。为了在建筑材料方面取得进展,Lafarge将客户放在担忧的核心。它提供了建筑业和一般的创新解决方案,为他们的日常环境带来更大的安全性,舒适和质量。

This release may contain forward-looking statements. Such forward-looking statements do not constitute forecasts regarding the Company's results or any other performance indicator, but rather trends or targets, as the case may be. These statements are by their nature subject to risks and uncertainties as described in the Company's annual report available on its Internet website (www.lafarge.com). These statements do not reflect future performance of the Company, which may materially differ. The Company does not undertake to provide updates of these statements.

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